ACCOUNTANCY (320) TUTOR MARKED ASSIGNMENT (2018-19)
Which Accounting Concept assumes that a business enterprise will not be liquidated in the near future? Explain that Concept.
Explain any two external users of Accounting Information
Valuation of closing stock at actual cost price or market price whichever is lower is an example of which accounting Convention? Explain that Convention.
Prepare a bank reconciliation statement from the following-
(i) Debit balance as per cash book Rs. 15,000
(ii) Cheques deposited but not cleared Rs.1,000
(iii) Cheques issued but not presented for payment Rs.1,500
(iv) Bank interest received Rs.200
What is Compound Journal Entry?
Give an example.Differentiate between Bills of Exchange and Promissory Note. Draw the specimen of
both.
Prove that the Accounting Equation is satisfied in all the following transactions:
(i) Started business with cash Rs.1,00,000
(ii) Purchased goods on credit Rs.4,000
(iii) Purchased goods for cash Rs.1,000
(iv) Withdrew cash for private use Rs.850
What is Computerised Accounting System? Give the advantages and disadvantages of Computerised Accounting System.
Session 2018-19 (Accountancy - 320)
Following are some accounting errors. Rectify them by passing journal entries.
(i) Sales book is undercast by Rs.5,000
(ii) Sales return book is undercast by Rs. 500
(iii) Purchases book is overcast by Rs.10,000
(iv) Salary of Rs.5,000 paid to Rahul was not posted to Salaries account.
Prepare a trial balance with the following information.
Sl.No Name of account Balance (Rs.) Sl.No Name of account Balance (Rs.)
i) Capital 2,00,000 ii) Stock 70,000
iii) Cash 1,80,000 iv) Debtors 3,00,000
v) Creditors 1,00,000 vi) Bank loan 1,50,000
vii) Sales 3,00,000 viii) Purchases 2,00,000
Journalise the following transactions in the journal of M/s Gupta Bros. and post them into
the ledger.
2018 Amount Rs.
March 1 Started business with Cash 2,00,000
March 2 Opened Bank account in SBI 80,000
March 4 Goods purchased from Raj 22,000
March 5 Goods purchased for Cash 30,000
March 7 Goods sold to Naman 12,000
March 9 Cash received from Naman 11,700
Discount allowed 300
What is Cash book? Explain the different types of Cash Book. Draw the format of different types of Cash Books with at least five items in each.
Which Accounting Concept assumes that a business enterprise will not be liquidated in the near future? Explain that Concept.
Explain any two external users of Accounting Information
Valuation of closing stock at actual cost price or market price whichever is lower is an example of which accounting Convention? Explain that Convention.
Prepare a bank reconciliation statement from the following-
(i) Debit balance as per cash book Rs. 15,000
(ii) Cheques deposited but not cleared Rs.1,000
(iii) Cheques issued but not presented for payment Rs.1,500
(iv) Bank interest received Rs.200
What is Compound Journal Entry?
Give an example.Differentiate between Bills of Exchange and Promissory Note. Draw the specimen of
both.
Prove that the Accounting Equation is satisfied in all the following transactions:
(i) Started business with cash Rs.1,00,000
(ii) Purchased goods on credit Rs.4,000
(iii) Purchased goods for cash Rs.1,000
(iv) Withdrew cash for private use Rs.850
What is Computerised Accounting System? Give the advantages and disadvantages of Computerised Accounting System.
Session 2018-19 (Accountancy - 320)
Following are some accounting errors. Rectify them by passing journal entries.
(i) Sales book is undercast by Rs.5,000
(ii) Sales return book is undercast by Rs. 500
(iii) Purchases book is overcast by Rs.10,000
(iv) Salary of Rs.5,000 paid to Rahul was not posted to Salaries account.
Prepare a trial balance with the following information.
Sl.No Name of account Balance (Rs.) Sl.No Name of account Balance (Rs.)
i) Capital 2,00,000 ii) Stock 70,000
iii) Cash 1,80,000 iv) Debtors 3,00,000
v) Creditors 1,00,000 vi) Bank loan 1,50,000
vii) Sales 3,00,000 viii) Purchases 2,00,000
Journalise the following transactions in the journal of M/s Gupta Bros. and post them into
the ledger.
2018 Amount Rs.
March 1 Started business with Cash 2,00,000
March 2 Opened Bank account in SBI 80,000
March 4 Goods purchased from Raj 22,000
March 5 Goods purchased for Cash 30,000
March 7 Goods sold to Naman 12,000
March 9 Cash received from Naman 11,700
Discount allowed 300
What is Cash book? Explain the different types of Cash Book. Draw the format of different types of Cash Books with at least five items in each.
